The value of the financial adviser in life insurance

Transcription

1 The value of the financial adviser in life insurance Exploring the myths and realities of direct life insurance and the value of the financial adviser About this document This document gives the reader information about research done by Discovery Life on the value proposition of direct insurers compared to the value offered by insurers who use intermediaries. The research explores all aspects of direct insurance, including initial premiums, the long-term sustainability of funding patterns, and comprehensiveness of the benefit offerings, as well as maximum cover amounts and protection for policyholders against the risk of becoming uninsurable. It also investigates the role and value of the financial adviser for consumers. What s inside: Myth 1: insurance is cheaper than buying life insurance through a financial adviser...2 Myth 2: Financial adviser commissions inflates premiums compared to direct insurers who do not pay commission...3 Myth 3: Consumers will be able to maintain direct insurance premiums over the long-term...4 Myth 4: insurance products offer comprehensive benefits...5 Myth 5: Consumers do not need financial advice as information is readily available...7 Myth 6: Financial advice is the same whether a call centre agent or qualified financial planner provides it...8 Myth 7: Claim payouts from direct insurers are transparent and certain...9 Myth 8: Intermediaries do not add real value to consumers...10 Case Studies: A comparison between direct and intermediated insurers...11

2 Exploring the myths and realities of direct life insurance and the value of the financial adviser The South African life insurance market has seen the entry of several direct insurers insurers who do not use intermediaries over the last few years. This follows the increased use of the internet and mobile communication in South Africa, as well as the increased awareness among consumers of direct life insurance products. How the research was done The research was done by Discovery Life and looked at the following life insurers: Insurers who use intermediaries Discovery Life Liberty Life Momentum Old Mutual Sanlam insurers 1Life Frank.net Instant Life Outsurance Life We developed case studies based on comparative quotes and benefit information for three individuals males aged 31, 43 and 51. Details of the individuals are based on fictitious information. We kept the occupation, health and wellness, family history and socio-economic status of the three individuals the same to ensure no loadings. For the insurers who use intermediaries, we collected quotes with no commission discount, or where full commission is to be paid. This was done to test, among other things, whether the financial adviser s commission inflates life insurance premiums and reduces the value proposition to clients. Key research findings Results from the research concluded that: 1 On average, the initial premiums of direct life insurance companies are approximately 9% more expensive. 2 Limited premium guarantees a feature of direct life insurance products create uncertainty for consumers and could lead to increased unsustainability. 3 Benefits offered by direct insurers are not comprehensive and do not address consumers needs at every life stage. 4 insurance products restrict maximum cover amounts, thereby limiting the protection consumers enjoy and rendering them unsuitable for high income earners. 5 insurers have a poor claims payment record. These research findings support the view that in the complex life insurance industry, intermediaries add value to consumers by providing indepth financial needs analysis, consumer education and support for consumers during the underwriting and claims process. 1

3 1: insurance is cheaper than buying life insurance through a financial adviser On average, direct insurers are 9% more expensive than insurers who use intermediaries to sell their products insurers claim that buying direct, benefits consumers as it is cheaper and more efficient. Because the traditional financial adviser channel is taken out, consumers can avoid the associated commission expense. This saving is then passed onto consumers through lower premiums. The empirical evidence from Discovery Life s research proves differently. We collected quotes from the selected direct insurers for identical applicants and the same amounts insured. Funding patterns were selected for each insurer to give the most like-for-like comparison. We collected quotes for: R1 million life cover R1 million lump sum non-accelerated disability cover R1 million non-accelerated critical illness cover for a 31 year old male and a 43 year old male R non-accelerated critical illness cover for a 51 year old male The results show that direct insurance products are 9% more expensive than insurers who use intermediaries to sell their products. It is also important to note that this is for less comprehensive benefits as will be shown later in this document. The average premiums were: Age insurers Insurers who use the financial adviser model 31 R446 R395 13% 43 R955 R920 4% 51 R1 453 R % Average R951 R872 9% Details of the breakdown of the comparisons are on page 11. insurance products are on average more expensive for the following reasons: Percentage that direct insurers are more expensive than insurers who use intermediaries 1 The way ancillary benefits are structured on direct insurance policies make them more expensive. This refers to how ancillary products or benefits, for example critical illness, are structured and added onto a policy. They are offered as stand-alone benefits while insurers who use intermediaries, offer a non-accelerated structure. Non-accelerated benefits fall under one overriding policy. This means there is only one expense loading. As stand-alone benefits, ancillary products on direct insurance products are structured as separate policies with their own expense loadings. This results in the policyholder incurring multiple expense loadings, which makes it more expensive. 2 Although there are no financial adviser commissions, direct insurers rely on other sales channels that have similar expenses insurance products are typically sold over the phone by sales advisers. These sales advisers are full-time employees whose salaries are normally based on performance and measured according to the total premium size and number of policies sold. This payment structure is based on the same principles as the commission structure of intermediaries or agents and is an expense that impacts the final premium the consumer has to pay. 3 The lower underwriting criteria that direct insurers use attracts high volumes of anti-selection risk insurers generally have less underwriting criteria than insurers who use intermediaries. Their marketing strategies also typically target the mass-market. This results in a higher volume of anti-selection risk, and hence higher premiums. 4 One-size-fits-all products from direct insurers lead to lower persistency and less loyalty from consumers insurers product offerings are largely commoditised because they can only offer limited financial advice. This creates an easy-in-easy-out attitude from consumers. Lower consumer persistency and loyalty is expensive for a life insurer. On average a 1% increase in lapse rates requires premiums to increase by approximately 3%. 2

4 2: Financial adviser commission inflates premiums compared to direct insurers who do not pay commission All insurers have new business acquisition costs which impacts the premium insurers claim that their product and price offering are better and more cost-effective for consumers because there are no commission costs that inflate the premium. Although they may not pay commission, there are still new business acquisition costs that need to be accounted for. Higher marketing budgets and operational expenses including call centre salaries and sales incentives replace commission. This results in direct insurance premiums being higher than those of life insurers who use intermediaries, as shown in the previous section. Bigger marketing budgets are needed to attract new business The table below shows an extract from The Top 100 Achievers in terms of the advertising spend of six direct insurers: Company Rank Total spend* Projected annual spend** Insurer 1 27 R122 million R183 million Insurer 4 33 R101 million R152 million Insurer 5 50 R60 million R90 million Insurer 2 68 R52 million R78 million Insurer 6 83 R42 million R63 million Insurer 7 92 R38 million R57 million Source: Financial Mail Adfocus 26/11/2010 *Total spend from January to August 2010 **Projection based on online and interpretation The ratio of marketing spend to gross premiums is significantly higher for direct insurers, resulting in costs that are carried by the consumer through higher premiums. Insurer 2 for example, was projected to spend R78 million on marketing expenses in This generated R25 million in sales, or gross premium income. A ratio of 317% in marketing spend to gross premiums highlight the inefficiency of direct insurers strategy to attract new business. life insurers rely on extensive advertising and marketing campaigns to attract new business because there are no intermediaries to give advice to consumers. These marketing expenses offset the savings achieved from not paying commission. Insurer 2 Gross premiums Marketing spend Ratio 316.6% Source: Strategic and Emerging Issues in SA Insurance (PWC 2010) insurers have far lower ratios of commission to premiums indicating a more efficient method of distribution and advice. 3

5 3: Consumers will be able to maintain direct insurance premiums over the long-term Limited premium guarantees expose consumers to the risk of unaffordable premium increases On average, it was found that the premium pattern of the direct assurance companies were most comparable with the AcceleRater or age-rated funding pattern of intermediated companies (see graph below). insurers also offer far less flexibility in terms of choices of various funding patterns to meet varying client needs. The premium guarantees are, however, shorter and provide consumers with limited certainty. Limited premium guarantees expose consumers to the risk of unaffordable premium increases later on, in addition to compulsory premium increases. Long term premium sustainability 1,200 1, Average Insurer Average Insurer (Accelerated) Average Insurer (Standard) Assumptions: R1 million Life Cover, Male age 43 next birthday, non-smoker, single, Height 1.8 meters, Weight 70kg, Income R50,000 pm, 3-year degree, Accountant, No Travelling, No Manual labor, Exercise 3 times per week for 1.5 hours per session, No Alcohol, no family medical history Life insurers who use intermediaries generally offer a life-long premium guarantee, thereby giving consumers more certainty that they will be able to maintain their insurance premiums over the long term. Insurer Insurer 2 Insurer 8 Insurer 1 Insurer 3 Discovery Premium guarantee 5 years 5 years 3 years 5 years Whole of life Of all the direct life assurers considered, none of them offered an Annual Benefit Increase option of CPI. Not being able to increase your cover in line with inflation can seriously jeopardise the long term real value and relevance of the risk protection. 4

6 4: insurance products offer comprehensive benefits insurers do not incorporate the latest benefit innovations in their products, or many core features that are prevalent in products sold through intermediaries. insurance products do not incorporate the latest product and benefit innovations. For example, our analysis of the direct insurance products show that disability products do not cover temporary disability, activities of daily living and do not adjust to consider the impact of long-term disability. The marketing strategy of direct insurers focuses largely on price competitiveness, rather than a complete value proposition. By limiting benefit definitions, direct insurers have more ways to reduce costs. In terms of client advice on products and benefits, direct insurers are limited in their ability to assist and explain product benefits to consumers. Therefore, their products need to be more simplistic. Only one of the direct insurers offer an income disability product and none offers products related to indemnity in a life-changing event. Insurers who use intermediaries offer a wider range of benefits. These include specialised products that cover policyholders against the risk of mortality and morbidity in the funding of children s education costs and the costs of medical scheme contributions after retirement. The following table compares the disability product features offered by the direct insurance providers against the more comprehensive features offered by Discovery Life s Capital Disability Benefit. Features of a comprehensive disability product Objective Cover on Activities Conversion to Benefit Benefits consider Waiting Occupation Cover until medical temporary of Daily critical illness does not long-term impact period Definition age 70 definitions disability Living cover at expiry taper of disability Undefined Normal in policy X** Insurer 2 occupation book* X X X X X X Insurer 8 6 months X Own or similar X X X X P X Insurer days X Own or similar X X X X P X Usual or Not X suitable Insurer 3 specified alternative X X X X P X Discovery None P nominated P P P P P P The following table compares the critical illness product features offered by the direct insurance providers against the more comprehensive features offered by Discovery Life s Severe Illness Benefit. Features of a comprehensive critical illness product Whole body coverage Unlimited multiple claims Automatic parents and child cover Survival period Insurer 2 X** X X 28 days X Insurer 8 X X X 14 days X Insurer 1 X X X 14 days X Specified per illness: 3 months stroke, X X X Insurer 3 6 weeks heart attack X Discovery P P P None P Benefits consider longterm impact of disability *Waiting period will be defined in policy schedule **Event-based disability has defined definitions. However these are very limited, and the maximum sum assured is R200,000 5

7 The comprehensive scope of medical conditions covered are of fundamental importance when comparing various critical illness products. The products of most intermediated insurers will cover all body systems and contain a far wider range of illnesses than those of direct insurers. The following graph shows the number of conditions covered by the various direct insurers compared to those of Discovery Life s comprehensive Severe Illness Benefit: Critical Illness Conditions Covered Insurer 8 Insurer 1 Comprehensive 30% 35% Discovery Life Insurer 1 Core 17% Insurer 2 10% Insurer 3 16% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% In addition to having a narrower coverage, the multiple claims definitions of direct insurers are limited.limited multiple claims definitions for critical illness products from direct insurers may expose consumers to insufficient cover after a claim. As a result, a policyholder s cover for related events expires once 100% of the benefit amount has been claimed. They will, therefore, not have cover if they need to claim a second time for a related event. This leaves the consumer without insurance at a time when they need the cover most. insurers also offer limited cover. This is why they are unable to meet the needs of consumers with large insurance needs. These products are therefore unsuitable for high net worth individuals. The table below shows the maximum amount of cover that a consumer can purchase at different insurers: Insurer 2 Insurer 8 Insurer 3 Discovery Maximum Life Cover R 4 million R 6 million R 10 million Unlimited subject to underwriting Maximum Disability Cover R 4 million R 4.5 million R 5 million R 20 million Maximum Critical Illness Cover R 2 million R 3 million R 2 million R 6 million 6

8 5: Consumers do not need financial advice as information is readily available A financial needs analysis requires specialised expertise and customised software and is necessary to best understand each client s insurance needs Although information about financial products is readily available, consumers should not underestimate the value of a comprehensive financial needs analysis. Intermediaries use a sophisticated and comprehensive financial needs analysis to assess the insurance needs of each client. This includes: The client s mandate Analysis of income and expenses Analysis of assets and liabilities Existing individual and group cover Existing pension and provident funds Complexities of estate duty planning Liquidity analysis of the estate Tax implications of financial decisions Online quote tools from direct insurers are inadequate as these follow generic measures to provide quotes and often ask what premium a consumer can afford first, without addressing clients needs. Insurers Insurers 7

9 6: Financial advice is the same whether a call centre agent or qualified financial planner provides it Certified financial planners are qualified and keep up to date on product and industry developments through continuous training Certified Financial Planners are qualified and belong to the Financial Planner Institute (FPI) of Southern Africa. They follow a recognized process to provide accurate and comprehensive financial advice and adhere to the code of conduct as set out by the Financial Advisory and Intermediaries Act. This process includes: 1 Establish and define a professional relationship. Financial planners are able to establish a professional relationship with their clients through face-to-face interaction. This allows them to build trust with the client. 2 Collect information The financial planner must collect all the necessary information about the client s personal financial objectives, needs and priorities, as well as the supporting qualitative and quantitative information and documents. Software tools exist that allow financial planners to collect and capture all the relevant information necessary for the financial needs analysis. 3 Analysis and assessment of the client s financial status The financial planners must analyse a client s financial status by looking at aspects such as personal financial management, investment planning, risk management, tax planning, retirement planning, estate planning, business financial planning and the analysis of existing product portfolios. 4 Develop the financial planning recommendations and present these to the client The financial planner must identify the planning strategies, develop the financial planning recommendations and present these to the client. The financial needs analysis tools that are available to financial planners assist them in producing a financial plan based on accurate and comprehensive information received from the client. 5 Implement the client s financial planning recommendations The client and financial planner will agree on the recommendations, which the financial planner will implement for the client. 6 Review the client s financial position at agreed times The client and financial planner will agree on dates to review the client s financial position to ensure their financial planning recommendations continue to meet their needs or that they are changed according to changes in their circumstances. Certified Financial Planners are required to meet a number of regulatory and Discovery training requirements in order to offer potential Discovery clients advice. Requirements of the Financial Advisory and Intermediary Services Act (FAIS) Regulation of advice-giving activities Disclosure and transparency Consumer platform for complaints FAIS Ombud Requirements of Discovery s internal compliance and training Continued professional development Training academy Knowledge assessments Compliance 8

10 7: Claim payouts from direct insurers are transparent and certain Claims are more often rejected with direct insurance companies Less strict underwriting protocols with direct insurance companies compared to insurers who use intermediaries, result in more underwriting taking place at claims stage. The table below shows the ratio for claims and claims rejected for a particular direct insurer and Discovery Life for insurer Discovery Life Claims paid R6 million R1.12 billion Claims rejected R38 million R23 million Claims rejected % 86% 2% Some of the reasons for claims rejection relate to situations where client policies are lapsed automatically if two consecutive premiums are not paid, as well as non-disclosure of pre-existing medical conditions. Financial planners are able to alert policyholders of lapses and also guide prospective policyholders through the application process and the risk of non-disclosure. Note: Credible claims experience and statistics take a number of years to materialise and many of these direct insurers are too young to draw meaningful conclusions on claim statistics. 9

11 8: Intermediaries do not add real value to consumers Intermediaries perform important tasks for consumers that add significant value Intermediaries are trained professionals who add value to consumers in the following key areas: 1 A financial adviser will usually have several insurance companies he deals with and will ask for quotes on the client s behalf. 2 A good financial adviser will represent the client, can cut through red tape and interpret the jargon. 3 Most individuals say that, in the event of a claim, they feel more comfortable with someone on their side.* 4 Cost of advice is efficient - direct cover is on average 9% more expensive than traditional insurance. 5 The financial adviser will review your cover annually to ensure that you re adequately covered and are not under-insured in the event of changing needs. 6 Financial advisers provide a holistic view on gaps in financial planning or risk cover. 7 Financial advisers are someone you can speak to if you have any questions. *Source: Finweek (24 June 2006): Pros and cons of brokers versus direct channel 10

14 The same client details were used for all comparisons between direct insurance companies and insurers who use intermediaries to sell their products R1 million life cover Male aged 31, 43 and 51 Single Non-smoker Height 1.8 metres Weight 70 kg Income R per month Accountant with a three-year degree No travelling or manual labour Exercise three times a week for 1.5 hours each session No alcohol use No family medical history The funding patterns for all comparisons of the direct insurance companies and the insurers who use intermediaries to sell their products are as follows: Discovery: Standard with ABI = CPI and AcceleRater with ABI of CPI Insurer 2: premiums flat for first two years, 5% yearly increases thereafter Insurer 8: ACI = 12.5%, ABI = 5% Insurer 1: ACI = 6% per year up to age 35, 7% per year up to age 45, 8% per year thereafter, ABI = 5% Insurer 3: ABI = 0%, ACI = 6% Insurer 4: Compulsory 5% with 5% ABI and Level with 5% ABI Insurer 1: Age-related ABI of 3.5% and Level 5% with 3.5% ABI Insurer 2: Compulsory 10% with ABI of 3.5% and Level 5% with 3.5% ABI 13

This brochure will provide you a guide on how to financially prepare for whatever the future might hold. INTELLIGENT LIFE INSURANCE Create a flexible, personal risk insurance solution Life insurance can

For intermediaries June 2015 Solutions for Graduates protection & lump sum disability cover the right combination! This flash fact is aimed at positioning the value of an income protection benefit (i.e.

Considerations for Disability Insurance 1. Purpose and Scope The following document is written by ASISA s Risk and Disability Committee and is intended to give an overview of the key issues that should

Discovery Life versus Old Mutual Greenlight The Discovery LIFE PLAN is designed to offer you flexible personal and business financial protection against death, disability and severe illness at a cost effective

This brochure explains the products designed to meet professionals unique needs DISCOVERY LIFE FOR PROFESSIONALS Have you considered how to remain financially secure when you retire or if you become severely

A guide on how to optimally structure your employee benefits to provide a financially sound future for your employees through Discovery Life. DISCOVERY LIFE CAN HELP YOU PREPARE YOUR EMPLOYEES FOR LIFE

Independent consumer guide to life insurance Who we are and what we do The Irish Financial Services Regulatory Authority was established in May 2003 to regulate financial services firms in Ireland. Our

Annexure 1- Detailed Guide CAPE PENINSULA UNIVERSITY OF TECHNOLOGY RETIREMENT FUND COMMISSION FREE PENSION QUOTATIONS When you reach retirement, you will face a difficult decision as to what pension to

Planner Competency Profile 1 Vision Professional financial planning for all. Our Mission The FPI s mission is to advance and promote the pre-eminence and status of financial planning professionals, while

KEY GUIDE Financial protection for you and your family Protecting what matters most Life and health insurance protection underpins most good financial planning. These types of insurance can ensure that

MLC Insurance How to make your insurance more affordable Insurance could be more affordable than you think Research has shown Australians are worryingly underinsured. 1 One reason is many people under-estimate

INVESTMENT SAVINGS & INSURANCE ASSOCIATION OF NZ INC GLOSSARY OF LIFE INSURANCE and INVESTMENT TERMS 2 Accident Benefit A benefit payable should death occur as the result of an accident. It may be a stand-alone

& Guidance A Guide to Income Protection A Guide to Income Protection Financial Broker Contents What would happen if I was out of work with illness for a long period? 02 What is income protection? 03 What

The Life Plan A Ensuring a healthy, financially secure future for you and your family Discovery Life offers more than just life insurance Discovery Life offers a collection of customisable benefits covering

ABI RESEARCH PAPER NO 22, 2010 COST OF PROVIDING FINANCIAL ADVICE Identifying and quantifying the cost of the key components of a full advice service Report from Charles River Associates By Kyla Malcolm,

ALLAN GRAY LIVING ANNUITY TERMS AND CONDITIONS Allan Gray Living Annuity Terms and Conditions Policy document This document is your Policy Document. It summarises the Allan Gray Living Annuity and sets

New generation income protection Reinventing disability and savings solutions life insurance There are major threats to our income. Becoming disabled during our working life. Becoming impaired during retirement

& Guidance A Guide to Life Insurance Cover Contents How can I protect my family financially if I die? 02 What is life insurance? 03 What is a Financial Broker? 06 Why would I need to use a Financial Broker?

Questions & Answers What is? Business Continuity is a form of Personal Accident, Sickness and Keyman cover rolled into one. The cover will be exclusively available through the Austbrokers Network in conjunction

PROTECT We understand you want to provide lifelong protection for you and your family PRUlife Be prepared for the unexpected You have plans and you work hard to shape your future, be it getting married,

IFSA Guidance Note No. 21.00 Calculators Best Practice Guidance April 2007 Main features of this Guidance Note are: Highlight the importance of calculators in assisting users to make informed financial

Fact sheet Personal insurance Current as at 15 April 2012 What is insurance? Insurance is an agreement with an insurance company to pay you a sum of money if something is damaged or lost. It is form of

Insurance Personal Questionnaire Name of Client 1: Name of Client 2: This section is completed by your Adviser Adviser Name: Adviser Code: Interview Date: FSG Version Number Provided: Adviser Profile Number

Competitor Comparison Does your Client have the Best Income Protection Solution? Ask Yourself the Following Questions FMI Liberty Altrisk Momentum Discovery Old Mutual Product Flexibility Can my client

Illinois Insurance Facts Illinois Department of Insurance Shopping for Individual Disability Income Insurance Updated January 2010 Note: This information was developed to provide consumers with general

n insurance and investment product offering Various products have been developed by each of Liberty s business units aimed at providing competitive and relevant benefits and services to their chosen markets.

MLC Insurance Level premium Making your insurance more affordable long-term There are generally two ways to pay your premium. Which is best? When you take out insurance, there are generally two ways you

Serious-illness insurance for independent information About us We are an independent watchdog set up by the Government to: regulate firms that provide financial services; and help you make informed decisions

OLD MUTUAL SUPERFUND RETIREMENT GUIDE AS AN OLD MUTUAL SUPERFUND MEMBER, YOU NOW HAVE A NUMBER OF OPTIONS IF YOU LEAVE YOUR EMPLOYER DUE TO RETIREMENT. This guide is intended to help you: 1. Understand

Financial Planning What does the future hold? July 2012 Agenda Understand the drivers of change and what this means for Financial Planners (FPs) International Regulatory Trends What could happen in SA?

Includes Tips & Tricks that could save you substantial $$$ and help make sure your claims get paid. WHAT IS INSURANCE? It s simply the transference of a risk from yourself to the Insurer. By paying the

Chapter 11 Life Insurance Agenda 2 Premature Death Financial Impact of Premature Death on Different Types of Families Amount of Life Insurance to Own Types of Life Insurance Premature Death 3 The death

momentum capital protector annuity technical investment guide wealth Annuities create financial wellness by protecting your income against market fluctuations and making sure that you have an income for

For commercial customers and their advisers only Group Income Protection Technical Guide Reference BGR/4019/OCT12 Contents Page Its aims Employers your commitment Risk factors How does the policy work?

ADDITIONAL SUBMISSION FROM THE ASSOCIATION OF BRITISH INSURERS Competition Commission investigation on the market of privately funded healthcare services March 2013 The UK Insurance Industry 1.1 The UK

Version 4.0 Preparation Date: 2 November 2009 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to insurance. Important

Flexible Life Plan Flexible Life Plan Key Features This document shows the main points about your plan. Please read it with your personal illustration and keep it with the other documents relating to your

Report No. 6 September 2013 IN THIS REPORT: We research & rate the suite of life insurance products to determine who offers the best value from the 13 companies specializing in this market. IT CAN HAPPEN

your investment & insurance needs Financial adviser use only November 2013 Retail insurance through the Annex IOOF Pursuit platform In or out, it s up to you Life insurance is about protecting the things

PROTECT We understand you want multiplied assurance for your family with a shorter premium term. PRUlife multiplier We understand you have goals and dreams that you are striving to achieve for your young

GROUP INCOME PROTECTION PROACTIVE PROTECTION PROVIDED BY METLIFE POLICY technical guide This document is a guide to the features, benefits, risks and limitations of the policy, including how the policy

SAVE We understand you want financial flexibility while saving for your future PRUflexicash Life has a habit of springing surprises on you. So it s good to know you re prepared in the event you need to

Priority Product Disclosure Statement Version 1, Date Prepared 1 March 2014 Life s better with the right partner Important Notes This Product Disclosure Statement ( PDS ) describes the main features of

Comparing Long-Term Care Alternatives By Joe Tomlinson December 18, 2012 Should clients buy expensive long-term care insurance they might never need, or go without insurance and risk a big hit to their

INSTITUTE OF ACTUARIES OF INDIA EXAMINATIONS 17 th November 2011 Subject CT5 General Insurance, Life and Health Contingencies Time allowed: Three Hours (10.00 13.00 Hrs) Total Marks: 100 INSTRUCTIONS TO

Affordable Care Act 101: What The Health Care Law Means for Small Businesses February 2013 These materials are provided for informational purposes only and are not intended as legal or tax advice. Readers

UCTRF and Staff Death and Disability Benefits Explained March 2015 Table of Contents 1. Summary of Benefits:... 3 1.1 What gets paid by the Fund when I die?... 3 1.1.1 From the UCTRF... 3 1.1.2 From UCT:...

METLIFE EXCEPTED GROUP LIFE POLICY TECHNICAL GUIDE This document is a guide to the features, benefits, risks and limitations of the MetLife Excepted Group Life policy, including how the policy works and

The Income Continuation Benefit PROTECTING YOUR INCOME Income protection ensures that your lifestyle will not be affected if you become disabled or severely ill. Discovery Life s Income Continuation Benefit

The glossary contains explanations of certain terms and definitions used in this prospectus in connection with the Group and its business. The terms and their meanings may not correspond to standard industry

Understanding insurance Version 5.0 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to insurance. This document

00000 Old Mutual Wealth Life Assurance Limited is a provider of long-term life assurance. It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential

SMSF Plan CommInsure s SMSF Plan is a customised, easy to use product designed to offer SIS-aligned cover to SMSF trustees. This has the potential to reduce the compliance burden on trustees when selecting

Produced by > your guide to Investment-linked Insurance plans (ILPs) An initiative of This Guide is an initiative of the MoneySENSE national financial education programme. The MoneySENSE programme brings

2 The Cost of Car Insurance for Young Drivers in Northern Ireland Introduction 4 What we did 4 Being a younger driver: the key findings 5 Why premiums vary 8 Recommendations 11 References 12 Ways to cut

Buying a pension annuity Why do I need to think about buying a pension annuity? When you come to retire, you will have some important decisions to make. Probably most important of all is how you will generate

MY SUPER APPROVED WA Super Insurance Guide The information in this document forms part of the WA Super Product Disclosure Statement, November 2013 You should read the PDS in conjunction with this Member